Zeitgeist

I don't know how many of you have seen Jim Cramer's "Mad Money" show on CNBC. I think it is indicative of a huge cultural shift. The investor class has now reached critical mass and a stock market TV show has crossed into pop culture.

I'll try to explain it to those who have not seen it, but you have to see this to believe it. You may know Jim Cramer. He was Larry Kudlow's co-host for a while on CNBC; he is a Harvard Law School graduate who went into business and journalism. He is an up-tempo and excitable guy who brings his excitable persona to stocks.

For one hour on CNBC, Jim rolls up his sleeves, jumps around the stage, takes phone calls, and gives irreverent stock advice with sound effects that he controls. The most exciting part of the show is the "Lightning Round," which Jim starts out by yelling "Are you ready, skee-daddy? It's time for the Lighting Round!" Then for two minutes, Jim takes calls without questions, they just name the stock or the symbol and Jim shows off his encyclopedic knowledge of the market. This is the part I watch for, and it really is breathtaking.

A caller might trade a quick "Boo-yah!" with Jim but there's no conversation. The caller says "P C U" and Jim says "Southern Peruvian Copper? I don't like South America, I don't like Peru, and I don't like Copper -- you figure it out!" Or hits a button that brings up Bulls or Bears; SFX include "Sell!Sell!Sell!," or a pig squeal for those who are not taking a little off a winner, or a truck reversing (for "'monback!" or back that truck up to load it full of stock). There are more but I am getting carried away just thinking about it.

Last night was the "Main Event," the first live show in its history, and it was extended to 90 minutes. This is what I wanted to post about, sorry for all the other exposition.

The auditorium was packed. This is unsurprising, I would have gone if I could. Had I, I would have been the oldest and stodgiest in the whole house. The show was packed with twentysomethings and thirtysomethings. I am pretty sure Cramer had the only tie (no wait – there was a pinstriped boxing announcer guy who would introduce segments).

Cramer was a rock star to this crowd -- one audience member said "You're not a rock star, you're a stock star!" They wore custom T-Shirts with Cramer quotes, or "Cramerholic," or "Cramerican." They yelled and danced like it was a Baptist revival meetin', they all yelled "Boo-yah!" and "Skee-Daddy!" Not one of them would have chosen to be anywhere else. The Beatles reception on the Ed Sullivan Show looked like a funeral in comparison.

And this brought my wife and me great joy. These are good folks who will guide this nation pretty well. They will choose liberty at the polls. And as long as Rep Pelosi, and Senators Kennedy and Reid assume the Investor Class is old, stagnant, and silent then liberty loving people will do well at the polls.

Economics and Markets Posted by John Kranz at July 21, 2005 12:27 PM